US 1 Industries Inc. on Thursday, May 21, announced the results for its first quarter ended March 31. Revenue in the first quarter increased $2.5 million to $44.2 million from $41.7 million for the same period in 2008. Operating income derived from operations decreased to a loss of $0.8 million from operating income of $1.0 million. The company had a net loss of $1.0 million compared to net income of $0.7 million.
US 1 said its first-quarter results were impacted by a defalcation related to accounts receivable at one of its subsidiaries, increased fixed costs and decreased sales for the quarter of 2009 for operations that existed in the first quarter of 2008. The company said it was not able to decrease its fixed costs in time to bring them in line with the revenue decreases.
US 1, through its subsidiaries, operates primarily as a nonasset-based service provider to independent businesses operating in the trucking and logistics industries. The Valparaiso, Ind.-based company offers financial resources, risk management services, insurance and information technology to small independent business owners, enhancing their ability to compete in the trucking and logistics industry.